Alberta Investment Management Corp Purchases 671,028 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Alberta Investment Management Corp lifted its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 74.4% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 1,572,963 shares of the bank’s stock after acquiring an additional 671,028 shares during the period. Canadian Imperial Bank of Commerce makes up 0.7% of Alberta Investment Management Corp’s investment portfolio, making the stock its 21st biggest position. Alberta Investment Management Corp owned about 0.17% of Canadian Imperial Bank of Commerce worth $99,450,000 as of its most recent filing with the SEC.

Other large investors also recently added to or reduced their stakes in the company. Crews Bank & Trust purchased a new position in Canadian Imperial Bank of Commerce in the 4th quarter worth $25,000. BNP Paribas Financial Markets purchased a new position in Canadian Imperial Bank of Commerce in the 3rd quarter worth $44,000. Versant Capital Management Inc increased its position in shares of Canadian Imperial Bank of Commerce by 1,069.4% in the fourth quarter. Versant Capital Management Inc now owns 725 shares of the bank’s stock valued at $46,000 after acquiring an additional 663 shares during the period. Blue Trust Inc. increased its position in shares of Canadian Imperial Bank of Commerce by 571.6% in the third quarter. Blue Trust Inc. now owns 732 shares of the bank’s stock valued at $45,000 after acquiring an additional 623 shares during the period. Finally, Allworth Financial LP increased its position in shares of Canadian Imperial Bank of Commerce by 255.6% in the fourth quarter. Allworth Financial LP now owns 1,120 shares of the bank’s stock valued at $71,000 after acquiring an additional 805 shares during the period. Hedge funds and other institutional investors own 49.88% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have issued reports on CM. StockNews.com upgraded shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Friday, February 14th. Royal Bank of Canada upgraded shares of Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and boosted their price objective for the company from $97.00 to $103.00 in a research report on Wednesday, January 8th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, Canadian Imperial Bank of Commerce presently has an average rating of “Moderate Buy” and an average target price of $92.00.

Canadian Imperial Bank of Commerce Trading Up 0.2 %

NYSE:CM opened at $62.21 on Wednesday. Canadian Imperial Bank of Commerce has a one year low of $45.84 and a one year high of $67.45. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The company’s 50-day simple moving average is $63.23 and its 200 day simple moving average is $61.40. The firm has a market capitalization of $58.62 billion, a P/E ratio of 11.63, a PEG ratio of 1.64 and a beta of 1.05.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, January 28th. Stockholders of record on Friday, December 27th were paid a $0.6912 dividend. This represents a $2.76 annualized dividend and a dividend yield of 4.44%. The ex-dividend date was Friday, December 27th. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.65. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 51.22%.

Canadian Imperial Bank of Commerce Profile

Canadian Imperial Bank of Commerce, a diversified financial institution, provides various financial products and services to personal, business, public sector, and institutional clients in Canada, the United States, and internationally. The company operates through Canadian Personal and Business Banking; Canadian Commercial Banking and Wealth Management; U.S.